Annual Report

2022

Our Year in Review...

Message from the President & Chief Executive Officer

It is my pleasure to write to you as we begin to celebrate our 60th year of operation. This milestone provides us a concrete way to look back and appreciate all of the hard work and dedication that has been accomplished since those early days.

It all started with a tool box (which is iconic for us today and can be seen in the lobbies of all our branches), $50 and a shared vision of then ten Chevrolet Foundry workers, who each wanted to improve the financial lives of not only themselves, but also their coworkers. Although our assets have grown from $8,641.38 to $775 million December 31, 2022, that vision is certainly no less important today than it was back on June 6, 1963.

As we reflect on this past year, we exceeded our own expectations based on our Board-approved budget forecasts. Our member satisfaction, staff engagement and our profitability remained high. Member satisfaction ended with an overall 6.81 out of 7 exceeding our goal of 6.75. Our financial position today continues to remain solid. Year-end assets climbed in excess of $775 million. At the same time, our net operating expenses YTD were at 1.80%, well below our goal of 3%. We finished the year with a net income of $7.1 million, garnering us more than $105 million in undivided earnings. A new risk-based capital requirement was implemented during the year, requiring credit unions with more than $500 million in assets to maintain a minimum of 10% in RBC. At the end of the year we exceeded that at 25.11%.

We completed construction in Watertown, NY, of our ninth retail branch. Although we added this new market in Jefferson County, NY, through a merger with United Neighbors FCU, we are committed to exceeding member expectations in all of our locations as we have done for the past six decades. It is important to know that everything we plan and ultimately implement has member and employee satisfaction as our end goal.

This year, we were also certified for a third consecutive year as a Great Place to Work. We were very happy to report that after we received the results, 90% of the employees who took part in the survey say SeaComm is a great place to work. Some of what we learned is that 96% of employees felt good about the community, 96% stated that management has a clear view of where the organization is going and how to get there, 96% agree that management is competent at running the business, 95% said management is honest and ethical in its business practices, and 95% say when you join the company, you are made to feel welcome. We are extremely proud to be included within this privileged group across the country.

In the last quarter of the year, we began merger discussions with St. Lawrence Federal Credit and signed a letter of intent. The merger will require regulatory approval and a St. Lawrence member vote which is expected to take place this summer. St. Lawrence’s mission and values are succinctly aligned with ours and we will only strengthen ourselves even more as we move forward together. We have placed merger related information on our website to keep members posted of its progress. We are extremely grateful to our 53,000+ members who have put their trust in us, and we will continue to work diligently to remain strong in order to be able to serve our membership well into the future.

Respectfully submitted,
Scott A. Wilson
President & Chief Executive Officer

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Message from the Chairman of the Board of Directors

As we near the end of our sixth decade of service to our membership, our continued priority as a Board of Directors is to ensure that the Credit Union is financially sound and will be around for many decades to come. No task is greater.

Countless hours are spent in planning to ensure that we have done everything possible for each and every member. Our board is focused on long-term planning; and growth continues to be one of our major strategic goals, which will keep us competitive well into the future. We adapt and develop with our changing membership and always with future commitment and member satisfaction in mind.

It is our responsibility to ensure that we maintain that course that was set those nearly sixty years ago. It is also our charge to create a vision for the future.

It is management’s responsibility to bring it to fruition. Our success is accomplished with hard work and dedication of a committed team led by our CEO, management and staff.

It is my pleasure to report that 2022 was another extremely successful year. Your Board of Directors oversaw the opening of its ninth retail branch in Watertown, NY, as a result of a merger with United Neighbors Federal Credit Union in Watertown, NY the year prior. We are confident in knowing that even as we have grown over the years that our service commitment to our current members remains at the highest level.

Gary Fuller, a dedicated volunteer of the Credit Union, passed away in early October after serving 59 years, most of it on our Board of Directors.

Although he is missed from his place at the board table, he will never be forgotten for all he had done to help make this credit union what it is today.

We are also grateful to our Supervisory Committee whose principle responsibility is to oversee a qualified independent audit. The results of that audit are shared within this report.

On behalf of the entire Board of Directors, thank you for allowing us to represent your interests and your trust in us as we move forward in 2023.

Sincerely,
Myron F. Burns
Chairman of the Board

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Message from the Chairmand of the Supervisory Committee

The Supervisory Committee monitors the Credit Union’s operations and procedures on behalf of the membership. Our responsibilities include overseeing the direction and focus of the internal audit function, with the assistance of Firley, Moran, Freer & Eassa, CPA, initiating an annual external audit of the Credit Union’s financial records and control structure, commissioning member account verification and ensuring an ongoing review of closed accounts. The Supervisory Committee also serves as an ombudsman for members, responding confidentially to concerns, questions or complaints that have not otherwise been satisfactorily resolved.

Each year, we have an annual audit performed by an independent CPA firm to ensure SeaComm's financial statement accurately and fairly present the financial condition of the Credit Union and that Management practices and procedures safeguard members’ assets. The past year, we contracted with Nearman, Maynard, Vallez, CPAs, P.A. to conduct the annual financial audit.

The financial statements as of 12/31/2022 fairly present, in all material respects the Credit Union’s financial position, results of operations and cash flows. Based on the results of the annual audit by Nearman, Maynard, Vallez, CPAs, P.A., it is the opinion of the Supervisory Committee that SeaComm continues to be financially strong and operationally effective with sound policies and procedures.

I extend thanks to the members of the Supervisory Committee, the Board of Directors, and the Management and staff of SeaComm for their cooperation, assistance, and support.

Respectfully submitted,
Thomas Sullivan
Committee Chair

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Financials

Click here to view the Income Statement, as printed in the Annual Report.

Click here to view the Statement of Condition, as printed in the Annual Report.

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Serving Our Community:

$10,000 Donation to Homeward Bound ADK

Paid for 500 orders at Dairy Queen in Massena

Provided $50,000 in heating assistance to 100 Members

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Credit Unions are not for PROFIT, not for CHARITY, but for SERVICE.

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Looking Back: Our Year in Review

ASSETS

• 2020 - $660.78M
• 2021 - $758.84M
• 2022 - $775.13M

NET INCOME

• 2020 - $6.5M
• 2021 - $7.25M
• 2022 - $7.16M

LOANS

• 2020 - $344.60M
• 2021 - $345.60M
• 2022 - $391.46M

SHARES

• 2020 - $556.72M
• 2021 - $653.01M
• 2022 - $662.86M

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"Credit unions are the fairest financial institutions in America." - Senator Alphonse D'Amato

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2022 Community Impact

4,350 random acts of kindness

481 children impacted through financial education

Supported 200 community groups

147 volunteer hours

1,314 members assisted through financial counseling and education

$377,000 in donations and sponsorships

$10,000 in academic scholarships

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2022 Achievements

2 years selected as a Great Place to Work™

$775 million in total assets

Since 1963

59+ years of people helping people

Bronze MAC Award for Community Engagement

Hon. Mention Dora Maxwell Award for Social Responsibility

53,290+ total members

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Trusted, Reliable, Member-Focused

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